AN ACT relating to the reporting of tax inducements.
Amend KRS 48.010 to define terms related to the economic development and tourism project expenditure report; amend KRS 48.315, 131.585, and 224.43-505 to conform; create a new section of KRS Chapter 48 to require, no later than October 15, 2012, and annually thereafter, the publication of a state economic development and tourism project expenditure report by the Office of State Budget Director and the submission of that report to the Legislative Research Commission; create a new section of KRS Chapter 131 to require the Department of Revenue to provide data to the Office of State Budget Director on development tax expenditures and tax expenditures annually; amend KRS 131.190 to allow the department to disclose the information; create a new section of Subchapter 12 of KRS Chapter 154 to require the submission of data by the Cabinet for Economic Development to the Office of State Budget Director; create a new section of KRS Chapter 148 to require the submission of data by the Tourism, Arts and Heritage Cabinet to the Office of State Budget Director.